Being a UO vet, I am thinking your concern about looting rights comes from gankers who take the treasure off of your kill. That cannot happen here. In uo, if I rem right, after a certain timer, anyone can loot the body of a fallen foe. Not in WoW.
When alone, if you do not loot a body, no one else can ever get it, it will just fade away. In parties, the Party Leader can change the looting rights. From Free for All to Turns, to Loot Master. You can also specify which types of treaure you require the entire group to "roll on" for a chance at the item. It not just the fastest looter gets it.
So if a Hat of the Magi or whatever were to drop, a box pops up onto everyone in the partys screen. Your choices are Need, Greed or hit X to drop from contention. If cloth drops, only cloth wearers should hit Need. And only then if the new treasure is better than what they have on. Looting is fair in WoW.
...And thats from a 84 month UO vet. No homes, but unreal depth in the world around lets your forget you don't have one.
Also, Devs that rock, constant updates from dev team if a problem is underway, I've been given a 24 hour credit on my bill too, when certain servers (or shards for us UO guys) were down. Also, no server lines! No rubberbanding!
We'll see you in Azeroth!
Bo